Lyft Goes Public

Lyft beat Uber. Lyft filed IPO documents with the SEC last Friday, becoming the first ride-sharing app-based company to go public. They expect to be valued between $20-$25 billion.

Good news:

  • Revenue doubled from last year to $2.1 billion
  • Lyft has 39% of the U.S. ridesharing market
  • Bookings increased by 76% from last year to $8.1 billion

Bad news:

Lyft lost $911 million in 2018 (yikes!), claiming, “We may not be able to achieve or maintain profitability in the future.” The startup is hustling to outrun growing losses, blaming competitors, bike-sharing, and electric scooter businesses.

Lyft pushed their need for self-driving cars: “If we are unable to efficiently develop our own autonomous vehicle technologies or develop partnerships with other companies…our business, financial condition and results of operations could be adversely affected.”

Image Source: Curbed

Previous
Amazon Plans To Open Cheap Grocery Stores
Lyft Goes Public

Processing...
Thank you! Your subscription has been confirmed. You'll hear from us soon.
Subscribe for news in an instant.
ErrorHere